History 1969-1996 | History 1997-2007 | Present Activities

Pipeline Headquarters

The North Star Industrial Park served for years as the headquarters of the Alyeska Pipeline during its initial construction and operation. Additionally, the industrial park served as the primary storage and staging site for much of the drilling pipe and supplies for oil well drilling on the North Slope from 1975 – 1988.

As oil activity declined in the late 1980’s and early 1990’s due to falling oil prices, the nature of tenancy and needs began to change. Little new leasing activity was available and Alyeska, the pipeline consortium, reduced its space requirements. As a result the Company became a moribund holding company of fully depreciated assets. By 1995, discussions to sell the entire park in stages were initiated, with the first of the three warehouses plus adjacent land being sold in late 1996.

NSCRE Capital, LLC Company History 1969 - 1996

North Star, Inc. was incorporated as an Alaska Corporation on September 11, 1969.

The original objective was to develop a quarter section of raw ground in Fairbanks into industrial lots and buildings to support the development and construction of the Alaska Pipeline from the North Slope to Valdez.

This property is known as the North Star Industrial Park.

North Star built, leased and sold a number of properties, including development of three 60,000 square foot clear-span buildings and a railroad spur for use by the pipeline consortium.

These buildings were begun in the winter of 1974 with the final building being completed in early 1975. The Alyeska Pipeline consortium utilized these properties as a staging and fabrication center until environmental concerns halted the construction of the pipeline.

From that time until the pipeline construction was recommenced, the properties were leased to various local entities on short term leases.

Eventually, three 60,000 square foot warehouses, one office building and a railroad spur were completed, in1975. The Park was the headquarters for the Alyeska Pipeline consortium for many years and the staging area for all drilling operations at the height of the development of the oil fields of the North Slope of Alaska.

Opportunity

In 1996, an opportunity arose to sell one of the buildings and associated land to the local electrical co-op. The sale was concluded in late 1996, with the proceeds of the sale being placed in the hands of a 1031 Exchange facilitator.

The Company, reinvested the net proceeds of the first building sale into an industrial manufacturing facility of 127,300 square feet located in Denver, Colorado.

More in the next decade

 

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